Buyer demand for Orange County CA homes is changing with the market adjusting to new normal of after government tax incentives for home buyers (tax incentives ended last year).
Active listings of Orange County CA homes for sale inventory was down this past month as compared with same time last year, and sellers might be wondering whether they missed the best time to sell.
Expected average market time for Orange County CA homes to sell as of August 18, 2011:
- Orange County overall – 3.5 months
- Homes under $500k – 2.5 months – hot market favors sellers
- Homes $500k to $750k – balanced and does not favor buyers or sellers
- Homes Above $1 million – cold market and favors buyers
Broker Steve Thomas says that ORANGE COUNTY CA homes sales average market time is 3.5 months, and his calculation is based on number of PENDING SALES as compared with number of listings.
Distressed property market shows lots of buyer competition. Short sales are 27% of active Orange County for sale listings, and average market time for short sales is 2.5 months (hot market and favors sellers).
- Orange County, CA – about 11,000 homes listed for sale as of August 18, 2011 – average market time of 3.46 months – quicker market than last year – average list price of $898k
- Irvine CA – 807 homes listed for sale – average market time of 3.36 months – slower market than last year – favoring sellers – average current list price of $884k
- Costa Mesa CA – 245 homes listed for sale – market time of 2.92 months – quicker market than last year and favors sellers – average list price of $547k
- Newport Beach CA – 578 homes listed for sale – average market time of 9.63 months – about same as last year – favoring buyers – average list price of $2.2 million
- Mission Viejo – 385 homes listed for sale – average market time of 3.06 months – about same as last year – average list price of $522k
- Aliso Viejo – 252 homes listed for sale – average market time of 2.5 months – about same market time as last year – average list price of $457k
- Huntington Beach – 647 homes listed for sale – average market time of 3.2 months – slower market than last year – average list price of $756k
By the way, the Orange County CA $437,000 median home sold price (as of early August) was 32 percent below June 2007’s peak of $645,000.
Please CONTACT US HERE for information about selling or buying Orange County homes and properties.
Source of some information is Steve Thomas, real estate broker, and OCRegister.com.
Harrison K. Long – solutions for real estate and business – REALTOR® and broker associate, GRI – Coldwell Banker Residential Brokerage – 949-854-7747 (phone) – ExploreProperties@gmail.com (email) – CA DRE 01410855 – SFR short sale and foreclosure resource certified by the National Association of REALTORs® – also now serving as an appointed director at California Association of REALTORs®.